The assets and liabilities of Wilderness Travel Service on April 30, 20Y7, and its revenue and expenses for the year are as follows:

Line Item Description	Amount
Accounts payable	$25,000
Accounts receivable	210,000
Cash	156,000
Common stock	35,000
Fees earned	875,000
Miscellaneous expense	15,000
Rent expense	75,000
Supplies	9,000
Supplies expense	12,000
Taxes expense	10,000
Utilities expense	38,000
Wages expense	525,000

Common stock was $25,000 and retained earnings was $155,000 as of May 1, 20Y6. During the year, additional common stock of $10,000 was issued for cash, and dividends of $40,000 were paid.

Required:

Question Content Area

1. Prepare an income statement for the year ended April 30, 20Y7.

2. Prepare a statement of stockholders equity for the year ended April 30, 20Y7. If an amount box does not require an entry, leave it blank. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign.

3. Prepare a balance sheet as of April 30, 20Y7. When entering assets, enter them in order of liquidity.